Buying a home

Besides the obvious need to organise a mortgage, there are many other things to consider when buying a home.

Real estate transaction costs are very high, so property purchase is something you don’t want to get wrong. Maybe you need to buy a unit, as opposed to a house, as the ‘first rung’ in your property ladder, however sometimes the profits you make are wiped out by the costs. You may in fact have been better off waiting and saving a bit longer to get into the home you need.

It’s very important to revisit your life insurance and income protection needs (and those of your partner) in light of your mortgage. Your income has probably increased since you took your insurances out, so the amount of cover you have may need to be increased too.